Indonesia assures expats using amnesty over tax evasion threat

Indonesia’s government has reassured participants of its tax amnesty programme that they will not be prosecuted for tax evasion after it emerged last week that private banks in Singapore are sharing with police the details of wealthy clients using the programme.

Cabinet secretary Pramono Anung told Indonesian citizens, who account for an estimated $200bn (£153bn, €179bn) – or 40% - of total private banking assets managed in Singapore, that they will not be prosecuted for tax evasion for using the amnesty despite more stringent reporting standards by Singaporean regulators.

Singapore tightens rules

The guarantee comes a week after Reuters reported that Singapore‘s Commercial Affairs Department (CAD), a police unit that deals with financial crime, told banks last year they must file a suspicious transaction report (STR) whenever a client takes part in a tax amnesty scheme.

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Monira joined International Adviser in March 2016 from Informa Global Markets where she worked as a eurobond reporter for over two years, covering fixed income markets. She has previously held a number of editorial positions covering politics, insurance and technology. Monira has a degree in Journalism and Economics from City University.

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